The Ultimate Fighting Championship, the global mixed martial arts organization, continues its deep dive into the cryptocurrency industry by announcing a sponsored cryptocurrency exchange agreement.

The UFC announced on Wednesday that it has agreed to partner with Fight Tools with, one of the world’s largest cryptocurrency exchanges by trading volume, CNBC reported.

According to CNBC, the sponsorship is valued at $ 175 million and will last over 10 years.

As part of the agreement, the brand will be displayed on the combat equipment of athletes during the competition, as well as on the clothes of the coaching team. In addition, has acquired the rights to a recently launched UFC sponsorship course known as “Crypto Platform Partner.” co-founder and CEO Chris Marsalek called the UFC deal “a historic moment” and noted that it will help the sports industry “accelerate the world’s transition to cryptocurrency.”

Ari Emmanuel, CEO of recruitment agency Endeavor, which bought the UFC stock in April, said the deal is “just the beginning of a long relationship with the UFC.”

RELATED: Announces Global Formula 1 Partnership

The UFC has been actively exploring the benefits of the cryptocurrency industry lately and has partnered with cryptocurrency and blockchain startups earlier this year. In May, the UFC announced its plans to launch a UFC fan token in conjunction with the rewards app and the Chiliz token platform. Previously, the UFC partnered with cryptocurrency online sports website to create unique digital UFC content for betting customers.

The latest partnership marks another important milestone in the growing convergence between cryptocurrency and the sports industry. Last week, the Portland Trail Blazers of the National Basketball Association signed an agreement to patch the main team jersey with the StormX rewards app. As part of the sponsorship agreement, the Trail Blazers will display the StormX logo on the team’s jerseys for the next five years, starting in the 2021-2022 season.

Source: CoinTelegraph